Characteristics/Traits of Entrepreneurs. Dr. M. S. Memon Dept. of Industrial Engineering and Management

Transcription

1 Dr. M. S. Memon Dept. of Industrial Engineering and Management

2 Several research studies have been carried out to identify the characteristics/traits of a true entrepreneur. Although there are no specific, universally accepted characteristics that have been found to be possessed by all entrepreneurs, yet there are few traits that most successful entrepreneurs possess. These include:

3 Motivation Entrepreneurs are passionate, buoyant and highly self-motivated. They have high energy levels and are always willing to take initiatives. They always keep thinking about their business and how to increase the market share, how to improve their existing processes. Risk Tolerance Establishment of any entrepreneurial venture is risky and the entrepreneur has to assume risk. As risk and rewards are inseparable, in order to grow, the entrepreneur should have large appetite for assuming risk. Vision One of the major responsibilities of an entrepreneur, as founder and head of the company, is deciding where the business should go. That requires a strong vision on the part of an entrepreneur. Mentalability and Creativity The entrepreneur should anticipate changes and must be able to study the various situations under which decisions have to be made. Successful entrepreneurs have the creative ability to recognize and pursue opportunities. They are always on a look out for new ways of doing things, launching new products, providing new services etc.

4 Clear Objectives An entrepreneur has clarity about the objectives to be achieved in the business, the nature of goods to be produced and subsidiary activities to be undertaken. This clarity in objectives helps them to translate their business idea into reality. Good Communication Skills This basically pertains to communicate effectively. An entrepreneur who can effectively communicate with customers, employees, suppliers and creditors will be more likely to succeed than the entrepreneur who does not. Human Skills The most important personality factors contributing to the success of any entrepreneur include emotional stability, good inter- personal relations, consideration and tactfulness. An entrepreneur has to maintain good relations with his customers so as to encourage them to continue to patronize his business. He must also maintain good relations with his employees so as to motivate them to perform their jobs with a high level of efficiency

5 Traits of Successful Entrepreneurs Ability to plan: Entrepreneurs must be able to develop business plans to meet goals in a variety of areas, including finance, marketing, production, sales and personnel. Communication skills: Entrepreneurs should be able to explain, discuss, sell and market their goods or services. Marketing skills: Good marketing skills, which result in people wanting to buy goods or services, are critical to entrepreneurial success. Interpersonal skills: The ability to establish and maintain positive relationships with customers and clients, employees, financial lenders, investors, lawyers and accountants, among others, is crucial to the success of the entrepreneur's business venture. Basic management skills: Even if entrepreneurs hire others to deal with the day-to-day tasks of the business, entrepreneurs need to know whether their company has the correct resources. Leadership skills: The ability to develop a vision for the company and to inspire employees to pursue it is imperative for success.